GBP/JPY jumps above 160.00 to 3-week highs

The pound is rising sharply across the board on Tuesday boosted by Brexit polls results that showed an increase in favor of the “stay” position, while the yen is lower in the market, weakened by risk appetite and GDP figures from Japan.

GBP/JPY rose more than 200 pips during the last few hours. It was trading around 157.50, practically flat for the day when the pound gained momentum and triggered a rally.

After breaking above 159.00 (May 17 high) it extended gains and climbed on top of 160.00. Price peaked at 160.30, the highest level since April 28. It was holding near the highs, with a clear bullish tone.

GBP/JPY technical levels

To the upside, resistance levels might be located at 160.30/35 (daily high), 161.50 (Apr 27 low), 162.60/70 (April highs) and 164.05/10 (March highs). On the opposite direction, support now could be seen at 160.00 (psychological), 159.00/05 (May 17 high) and 157.95 (Asian session high).